Finally, a bump-up CD we can recommend for savers nationwide.
Ally Bank is offering a 48-month certificate of deposit that allows you to increase your rate twice should rates increase during the term.
The initial rate on this 48-month “Raise Your Rate CD” is 1.99% APY.
That’s not a bad starting point.
It’s about one tenth of a point off what the current 36-month leader on our CD Rates Leaderboard offers.
And, again, you get to raise your rate twice!
(Yes, an exclamation point. What can I say? I’m kinda excited about this.)
We’ve all learned that a lot can happen to CD rates over the course of four years. Dare to imagine the possibilities.
Ally (www.ally.com), owned by the giant auto loan company once known as GMAC Financial, also offers a 24-month Raise Your Rate CD, but that rate just dropped three one hundredths of a point to 1.44% APY.
That’s still not a horrible deal. It, too, is just more than a tenth of a percentage point less than the leading 24-month CD rate on our CD Rates Leaderboard.
Unfortunately, you can only raise your rate once for that CD.
You’ve probably sensed that we’re not always fans of bump-up CDs. That’s because many offer poor initial CD rates.
But we’re starting to see more and more decent ones, although most are local deals, like this one on Long Island.
It’s a trend that we’d like to see continue. Big banks, are you listening?
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